XRP Ledger Payment Volume Drops to Lowest Since Last October as Price Fails to Keep Up with Bitcoin's New Highs
Odaily Planet Daily News: XRP's recent activity has significantly slowed, with payment transaction volume dropping to around 320,000, the lowest level since October 2023, and well below the average transaction volume of over a million from March to early May. The number of active addresses has also fallen below 10,000, and XRP's burn fees have dropped to 1,500, marking a multi-month low.
Nevertheless, the market remains optimistic about XRP's medium to long-term prospects. Messari data shows that payment transaction volume increased by 36% quarter-on-quarter in the first quarter, and active addresses grew by 142%. Additionally, Ripple completed its acquisition of Hidden Road in April, becoming the first crypto company to operate a global multi-asset prime brokerage business. The enterprise-grade stablecoin RLUSD issued by Ripple also received approval from the Dubai Financial Services Authority (DFSA) today, with potential applications in the Dubai International Financial Centre (DIFC).
Notably, despite Bitcoin surpassing a new high of $110,000, rising over 40% since early April, XRP's performance has been weak after rebounding from $1.60 to $2.60, still below the high of $3.40 set in January this year. Analysts point out that XRP has not benefited in tandem with BTC's rise, indicating that market demand for it may be weakening, and if BTC pulls back, XRP's price could come under pressure. (CoinDesk)
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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